The company said in a research note published in early December that the average return on college is falling. In 2010, students could expect to break even within eight years of finishing school. Since then, that has increased to nine years. And if this trend continues, students who start college in 2030 without scholarships or grants, it said, may not see a return on investment until age 37.

Recent graduates can relate to the report. Mary Kate Baumann, a 2010 graduate of a private college in upstate New York who also graduated from journalism and business graduate programs at the University of Missouri this year, said, “My undergraduate education was over $200,000 in total and my first job paid only $28,000. That’s a large disparity.”

Goldman Sachs calculated the economic return on college education as the “total all-in cost of college (net of grants and scholarships) and the wages foregone during the 4 years of study versus the wage premium that undergraduate degree holders enjoy versus high school graduates over their working life.”

While the National Association of Colleges and Employers reported in October that the job market for grads has seen recent improvements, Goldman Sachs said wages still aren’t cutting it to make up for education costs.

Of course, many students still say college is money well spent.

“I think it’s worth it to grow as a person, and there are so many other experiences that college teaches you,” said Vanderbilt University senior Chris Wolk, who plans to go into the consulting field. “Involvement outside of class and learning how to balance your life and live independently is worth the cost of college.”

Wake Forest University senior McKenzie Ziegler, who plans to pursue a career in sports agency and representation, agreed. “College is extremely expensive,” she said, “but there is no price tag in terms of the conversations you hold and the community you make.”

Brooke Metz is a student at Wake Forest University and fall 2015 USA TODAY College web producer.